Blog

A person typing on a computer keyboard representing a charity donation scam

Tax Disputes & Litigation

Latest Appeal Unsuccessful In Huge Tax Scam

The latest step in a wide-ranging tax scam came last month when the Tax Court of Canada ruled against the appellant, a taxpayer who was caught involved in the scam. An article in the Globe and Mail described the decision as an aftershock of one of the biggest tax scams in Canada’s history. $30,526 in Tax Deductions The appellant was a retired autoworker who had claimed $30,526… Read More

An airplane in the sky representing a commercial pilot in tax dispute with CRA

Personal Tax Planning

Transferring Tax Debt in Addition to Money

Some people might go to great lengths to avoid paying a tax debt. One tactic that shows up from time to time is the transferring of cash or assets to a family member. A recent decision from the Tax Court of Canada serves as a helpful reminder that trying to escape a tax debt through these means can leave both the original tax debtor as well as their family member in… Read More

Four assorted cryptocurrency coins

Bitcoin

Tax Implications of Mining Cryptocurrency

The advent of Bitcoin and other digital currencies provides opportunities for people to use currencies outside of those controlled by traditional financial institutions. The explosion in the value of Bitcoin, the most well-known digital currency (also known as cryptocurrency) brought talks that the Canada Revenue Agency would be finding ways to tax it. With tax season approaching, it is worth taking a look at how the CRA currently determines the taxation of cryptocurrency when it… Read More

A closed sign in a doorway

Personal Tax Planning

Key Amnesty Programs for US Taxpayers Living in Canada Set to Close

We have written in previous blogs about the increased lengths that the IRS and Canadian financial institutions are going to uncover dual US/Canadian citizens living in Canada who have failed to report US income tax. Some Americans living in Canada may have previously taken advantage of amnesty programs offered by the IRS such as the Offshore Voluntary Disclosure Program (OVDP) in order to file old income tax statements and avoid the potential financial penalties… Read More

An empty chair representing a deceased spouse and the importance of proper tax and estate planning

Cross-Border Estate Planning

Failure to Designate a Beneficiary When Converting an RRSP to a RRIF Results in Tax Bill

One of the primary reasons you may engage in estate planning can be to limit the amount of tax that is payable by the estate in the event of your death. A recent story shared by CTV News in Calgary covers the story of a woman who was left with a $270,000 bill to the Canada Revenue Agency as the result of an oversight in her husband’s retirement planning. A Small… Read More